The money-laundering scandals at Danske Bank and Swedbank have already toppled both institutions’ CEOs and caused their share prices to plummet. The scandals, which are mainly related to the Nordic banks’ operations in Estonia, are also likely to speed up the ongoing withdrawal of foreign banks from emerging Europe.

Facing renewed populist attacks in Central and Eastern Europe, and increasingly vigilant regulators and supervisors at home, foreign banks will no doubt reassess their already dwindling ties to the region.